Someone is still worried about the US becoming the next Greece
Posted on February 27, 2012 at 07:15 AM EST
Sorry to see this happen. Whatever. First, it’s not a debt burden. Debt management is just shifting $ between Fed reserve accounts to Fed securities accounts. Second, the trick is for a given size govt to keep taxes at the right level. Yes, some day circumstances could possibly warrant much higher taxes, though in my [...]
Sorry to see this happen.
First, it’s not a debt burden.
Second, the trick is for a given size govt to keep taxes at the right level.
Yes, some day circumstances could possibly warrant much higher taxes, though in my 40 years of experience I’ve never seen excess demand. But yes, anything is possible. And a bit of forecasting of demand leakages along with deficits might be at least somewhat enlightening, and if history is any guide, probably show future deficits still aren’t large enough for full employment.
But even if you know you have to make a turn 20 miles down the road- that is, even if you do know that 20 years from now aggregate demand could be too high- you don’t turn the wheel now.Can America Become the Next Greece?
By John Carney
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